BlackRock Cuts About 250 Jobs

BlackRock said it will cut about 250 jobs as it reshapes operations and expands into alternative investments following its HPS acquisition.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:03BlackRock Inc. said it is cutting about 250 jobs across the firm,

00:07representing roughly 1% of its global workforce, according to Bloomberg.

00:11The reductions include roles in investment and sales teams.

00:15A company spokesperson said BlackRock makes regular decisions

00:18to align resources with its objectives.

00:20The cuts come as Chief Executive Officer Larry Fink

00:23works to expand the firm's push into alternative investments

00:26following its $12 billion acquisition of HPS Investment Partners in July.

00:31BlackRock carried out two similar rounds of job cuts last year.

00:35Other financial firms are also reducing headcount,

00:37including Citigroup Incorporated and UBS Group AG.

00:42BlackRock reports fourth quarter earnings on January 15th

00:45and had about 24,600 employees at the end of September.

00:49For all things money, visit Benzinga.com.